Q&A With Tommy - Stop Trading Time for Money: How to Build a Self-Sustaining Business
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Why is thinking big essential for business growth?
You got to start thinking bigger. I was talking, we were talking about Elon Musk and Jeff Bezos and Zuckerberg. Here's why they win. They think bigger than us. And I'm not thinking small anymore. And that takes bold changes. It takes people that are willing to take very controversial decision-making, extreme risks. And most of you guys don't even, you would never move. You're in your comfort zone. You know, you don't want to change too much. You know, look, I'm going to change everything. Be comfortable with change, get an accountability partner, get comfortable with discipline, set yourself up for success, find somebody to hold you accountable.
Welcome to the Home Service Expert, where each week, Tommy chats with world-class entrepreneurs and experts in various fields, like marketing, sales, hiring, and leadership, to find out what's really behind their success in business. Now, your host, the home service millionaire, Tommy Mello.
Before we get started, I wanted to share two important things with you. First, I want you to implement what you learned today. To do that, you'll have to take a lot of notes, but I also want you to fully concentrate on the interview. So I asked the team to take notes for you. Just text NOTES to 888-526-1299. That's 888-526-1299.
And you'll receive a link to download the notes from today's episode. Also, if you haven't got your copy of my newest book, Elevate, please go check it out. I'll share with you how I attracted and developed a winning team that helped me build a $200 million company in 22 states. Just go to elevateandwin.com forward slash podcast to get your copy. Now let's go back into the interview. All right, we are live. Welcome to January's Q&A. 2025, it's going to be a good one today. I got a lot of energy worked out this morning, feeling good. Started up my diet again, going hard in the paint. I weighed 246.2 this morning, looking to get to below 8% body fat here, going hard in the paint. And I started thinking a lot about this, like,
You know, some of you guys, I've been getting a lot of messages, lots of social media messages of how do you work so much and still motivate yourself to do these things, work out and go on vacations with your family and do these things. And I know this word gets overused and the word is accountability. It's kind of you versus you. David Goggins talks about this is it's you versus you. But accountability is when you get an accountability partner. You can be accountable to yourself, but why not find somebody, you know, if you got a really good person in your life, they don't allow you to kind of miss. You know, when they say, hey, dude, let's just miss the gym today. Hopefully the other person's like, no, we said we were going to do this. Let's leave early.
No, no, we're not going to leave early. Hey, dude, you might be having a bad day. Take some pre-workout. Let's get through this. We go to the gym. We're going to work hard. We're going to work. We're going to work hard. You know, it's such a big deal. Another big thing is I had my buddy Barry over from Power of Selling Pros and his son came with him. And his son's 16 and we talked about a lot of things. And he said, what's a few tips? You know, if you were 16, I said, number one, go open a Roth IRA. And I kind of explained to him compound interest. And I said, rich people, very wealthy people, they focus on the principle. They leave that there and they focus, like a lot of people, when they make money, they can't wait to spend it.
Like if I told you I'm going to give you $100 million, you'd be like, oh my gosh, let's make a list of everything we're going to buy. Wealthy people don't do that. They say, what are we going to invest that in? We can spend the compound interest. So $100 million at 10% is $10 million a year. I'd say we could spend five of it. We want that principle to grow. Therefore, the compound interest grows. I said, always bring a notebook with you when you're talking to mentors. Take notes, smile a lot, ask great questions and always be curious. I said this idea of delayed gratification. You know, one of the things that I found out, you know, when I was young, when I was his age, is I thought I was making money, but I didn't put an hourly rate on what I was doing.
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Chapters
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1 identifiedMore from The Home Service Expert Podcast
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